ARGUS CONSULT: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
ARGUS CONSULT
Largest movements
- Current investments +€2.0m
new in 2025: €2.0m
- Cash +€336,031
up €336,031 (+501.6%), from €66,986 to €403,017
mainly Net result for the year (+€2.1m) and Tax, wage and social debts (+€190,553)
- Tangible fixed assets -€71,275
down €71,275 (-3.4%), from €2.1m to €2.0m
of which Land and buildings: -€58,025
- Financial fixed assets -€53,604
down €53,604 (-19.5%), from €275,054 to €221,450
- Reserves +€2.1m
up €2.1m (+578.4%), from €359,243 to €2.4m
- Tax, wage and social debts +€190,553
up €190,553 (+408.7%), from €46,629 to €237,182
of which Taxes: +€187,976
- Debts after one year -€141,833
down €141,833 (-7.4%), from €1.9m to €1.8m
- Financial income +€2.4m
up €2.4m, from €0 to €2.4m
of which Non-recurring financial income: +€2.3m
- Taxes +€237,885
up €237,885 (+1687.6%), from €14,096 to €251,981
- Gross operating margin +€112,344
up €112,344 (+37.5%), from €299,467 to €411,811
- Financial charges -€5,651
down €5,651 (-6.1%), from €93,064 to €87,413
- Depreciation -€4,592
down €4,592 (-6.0%), from €77,023 to €72,431
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,959,166 | €5,123,071 | +€2.2m | +73.1% |
| Fixed assets | 21/28 | €2,377,852 | €2,252,973 | -€124,879 | -5.3% |
| Tangible fixed assets | 22/27 | €2,102,798 | €2,031,523 | -€71,275 | -3.4% |
| Land and buildings | 22 | €2,075,188 | €2,017,163 | -€58,025 | -2.8% |
| Plant, machinery and equipment | 23 | €2,190 | €665 | -€1,525 | -69.6% |
| Furniture and vehicles | 24 | €25,420 | €13,695 | -€11,725 | -46.1% |
| Financial fixed assets | 28 | €275,054 | €221,450 | -€53,604 | -19.5% |
| Current assets | 29/58 | €581,313 | €2,870,098 | +€2.3m | +393.7% |
| Amounts receivable within one year | 40/41 | €103,766 | €75,559 | -€28,207 | -27.2% |
| Trade receivables | 40 | €103,766 | €75,559 | -€28,207 | -27.2% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | - | €2,000,000 | +€2.0m | |
| Cash at bank and in hand | 54/58 | €66,986 | €403,017 | +€336,031 | +501.6% |
| Deferred charges and accrued income | 490/1 | €410,562 | €391,522 | -€19,039 | -4.6% |
| Total equity and liabilities | 10/49 | €2,959,166 | €5,123,071 | +€2.2m | +73.1% |
| Equity | 10/15 | €777,835 | €2,855,723 | +€2.1m | +267.1% |
| Contributions | 10/11 | €418,592 | €418,592 | = | 0.0% |
| Reserves | 13 | €359,243 | €2,437,131 | +€2.1m | +578.4% |
| Distributable reserves | 133 | €359,243 | €2,437,131 | +€2.1m | +578.4% |
| Amounts payable | 17/49 | €2,181,331 | €2,267,349 | +€86,018 | +3.9% |
| Amounts payable after more than one year | 17 | €1,907,430 | €1,765,596 | -€141,833 | -7.4% |
| Financial debts | 170/4 | €1,907,430 | €1,765,596 | -€141,833 | -7.4% |
| Amounts payable within one year | 42/48 | €239,108 | €465,742 | +€226,634 | +94.8% |
| Current portion of amounts payable after more than one year | 42 | €141,833 | €141,833 | = | 0.0% |
| Trade debts | 44 | €9,184 | €31,840 | +€22,656 | +246.7% |
| Suppliers | 440/4 | €9,184 | €31,840 | +€22,656 | +246.7% |
| Taxes, remuneration and social security | 45 | €46,629 | €237,182 | +€190,553 | +408.7% |
| Taxes | 450/3 | €39,719 | €227,695 | +€187,976 | +473.3% |
| Remuneration and social security | 454/9 | €6,910 | €9,487 | +€2,577 | +37.3% |
| Other amounts payable | 47/48 | €41,462 | €54,887 | +€13,425 | +32.4% |
| Accrued charges and deferred income | 492/3 | €34,793 | €36,010 | +€1,217 | +3.5% |
| Remuneration, social security and pensions | 62 | €50,087 | €50,914 | +€827 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,023 | €72,431 | -€4,592 | -6.0% |
| Other operating charges | 640/8 | €16,160 | €14,948 | -€1,212 | -7.5% |
| Non-recurring operating charges | 66A | - | €209,111 | +€209,111 | |
| Gross operating margin | 9900 | €299,467 | €411,811 | +€112,344 | +37.5% |
| Operating profit (loss) | 9901 | €156,197 | €64,406 | -€91,790 | -58.8% |
| Financial income | 75/76B | €0 | €2,352,875 | +€2.4m | |
| Recurring financial income | 75 | €0 | €7,982 | +€7,982 | |
| Non-recurring financial income | 76B | - | €2,344,892 | +€2.3m | |
| Financial charges | 65/66B | €93,064 | €87,413 | -€5,651 | -6.1% |
| Recurring financial charges | 65 | €93,064 | €87,413 | -€5,651 | -6.1% |
| Profit (loss) for the period before taxes | 9903 | €63,132 | €2,329,868 | +€2.3m | +3590.4% |
| Income taxes | 67/77 | €14,096 | €251,981 | +€237,885 | +1687.6% |
| Profit (loss) for the period | 9904 | €49,037 | €2,077,888 | +€2.0m | +4137.4% |
| Profit (loss) for the period to be appropriated | 9905 | €49,037 | €2,077,888 | +€2.0m | +4137.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.